Gold, silver, WTI crude
Gold Spot holding below strong resistance at 1795/1800 keeps the outlook negative. If you are short from this level it could be worth holding the position as it looks like we are in a consolidation, probably a bear flag before the next move lower. Bulls need a break above 1805 for a buy signal.
Silver Spot has topped exactly at first resistance at 2630/40 this week to keep the outlook negative.
WTI Crude August broke first support at 7330/20 but then bottomed exactly at the next target & support at 7235/25. Longs here worked perfectly on the bounce to 7363 for a minimum 100 tick profit.
Daily analysis
Gold holding below minor resistance at 1785 is negative for today but the best sell opportunity is at 1795/1800 again of course. Stop above 1805. Bulls need a weekly close tonight above 1800 for a buy signal at the start of next week targeting 1811 & 1820/23.
Moves are expected to the downside eventually to 1770 & 1765/60. ON a break lower look for 1755, 1750 & 1735/30.
Silver gains are likely to be limited again today with first resistance at 2630/40. A break above 2650 however allows a recovery to strong resistance at 2670/80. If silver continues higher look for 2710/20.
200 dma support at 2580/70 has held perfectly this week. A break below this week’s low at 2550 is another sell signal targeting 2525 & 2505/2500.
WTI Crude holding first support at 7330/20 this morning in the bull trend allows a recovery to 7380/90 & 7425/45. A break higher targets 7485/95.
Below 7300 risks a retest of 2nd support at 7235/25. A break below 7210 however can target strong support at 7120/10.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.